Problem $3$

On $5/1/2014,$ Idaho Coal Mining Co$.,$ pays $$7,350,000$ for an ore deposit containing $1,750,000$ tons.

The company installs machinery in the mine costing $$446,000$ with an estimated $8$ year useful life no salvage value as the machinery will be abandoned when the ore is depleted. Mining begins on $\frac{7}{1}\frac{?}{2014}$; extraction and sales are $250,000$ tons during $2014.$ Prepare entries to acquire the ore for cash and the equipment. Also prepare the depletion and depreciation entries for $2014.$ Equipment depreciates proportional to the depletion.

$\backslash$table$[[$Date$,$Account,Debit,Credit$],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$